LAHORE: The market remained stable on Tuesday. The trading volume remained low. Cotton Analyst Naseem Usman told that 200 bales of the new season 2022-23 from Sanghar were sold at Rs 23000 per maund.

He also told that rate of cotton in Punjab and Sindh is in between Rs 18000 to Rs 21,000 per maund. The rate of New Kappas of Badin and Digri is in between Rs 10500 to Rs 11000. New Kappas of Tando Bhago and Kaddan was available at Rs 10500-10600 and Kapaas of MP Sakro and Gharo was sold at Rs 10,500 and Kappas of Kunri were sold at Rs 9500-10000.

It has been learnt that cotton have been cultivated over 3.6m acres across the Punjab, which is 90pc of the set target. Sources claimed that cotton sowing was still underway and added that the target would be achieved easily due to availability of water.

The State Bank of Pakistan (SBP) raised the benchmark policy rate by 150 basis points (bps) to 13.75% for the next six weeks to maintain the balance between inflation and economic growth. The Spot Rate remained unchanged at Rs 21000 per maund. The Polyester Fiber was available at Rs 303 per kg.

Copyright Business Recorder, 2022